First Mariner Arena to seek new naming-rights deal

The city of Baltimore has started the process of possibly finding a new naming-rights partner for First Mariner Arena, a deal that could cost companies more than $100,000 annually.

Legends Sales & Marketing, a New York sports marketing firm, has issued a request for expression of interest for the title sponsorship of the 50-year old arena. SMG Corp. hired Legends to sell the venue’s naming rights after SMG was awarded a five-year contract to continue operating the arena in December. Legends is looking for a five-year deal.

Legends is also looking for at least six figures annually for the naming-rights deal, said Frank Remesch, general manager of the First Mariner Arena. That is a hefty raise over the downtown venue’s last naming-rights deal.

Edwin F. Hale Sr., former CEO of First Mariner Bancorp., agreed to a 10-year, $75,000-a-year naming-rights contract in 2002 with the city through his company Arena Ventures LLC. Hale then sold the naming rights for the 12,000-seat venue to First Mariner (OTC:FMAR), which he was then chairman and CEO of. He has since stepped down from both positions at the company. SMG is looking for the best naming-rights deal for the city, Remesch said. That could mean bringing back First Mariner.

“For the right price, I would gladly take First Mariner back,” Remesch said. “They have been a good client. I have no complaints.”

First Mariner would like to continue as the title sponsor of the arena, said Dennis Finnegan, the bank’s executive president. But any decision to bid on the naming would depend on the price, Finnegan said.

The bank is not expecting the same deal it got in 2002, he said.

“I think this time is going to be a little bit different,” Finnegan added. “When it was done 10 years ago, it was a much more informal process than it is this time.”

Letters expressing interest in the naming rights are due to Legends by Feb. 8. The letters should be addressed to George Manias vice president of sponsorships, 201 W. Baltimore St., Baltimore, Md., 21202

The letters must include a breakdown of:

Financial structure: Legends will accept annual payments but may give preference for upfront cash payment in whole, or in combination with annual payments, that offers maximum flexibility and value to the city. Additionally, preference may be given to alternatively structured proposals advantageous to the city.

Term of proposal: Legends desires a five-year agreement that may include a right of first refusal renewal option.